More cash flows from (it can, or it can't--it's risky) more run down areas (read that can be Dangerous areas) than the middle class areas, but they can cash flow too.Decide on if you are a Class B or C guy (Class D is usually not a good move for a beginner, due to the roughness and issues of the area).You will need a good accountant for taxes and bookkeeping, and an eviction attorney.You can self manage or hire a manager.Good Luck!

The accounting/bookkeeping industry is in the "second tax season" of the year.

We switched to Appfolio from QB about a year ago, had to hire a book keeper to enter all the transactions and keep it accurate.  

Time spent reading biggerpockets, browsing the MLS, crunching numbers on potential properties, watching RE videos on YouTube...those are not rental real estate trade or business hours.Hours spent bookkeeping for the rental, interfacing with your PM, interfacing with contractors, interfacing with tenants, etc are generally ordinary and necessary rental real estate trade or business functions.Income tax law is complex. 

I have my prop's in my name but have considered transferring to an LLC by addresses, but kept thinking there's gotta be a better way because that's just way too much paperwork and bookkeeping for me.  

However, just focus on your BOOKKEEPING. 

Our bookkeeper also pulls reports from Streamline PMS that we use, but again when we were smaller Excel worked just fine.

When is the right time to start hiring out the bookkeeping?

Hey everyone - My CPA recommended an automated bookkeeping service called Uplinq.

.; how to analyze properties, how to engage in a strong due diligence process, how to screen tenants, how to manage the property, how to build a network of contractors, plumbers, electricians and other pros, how to manage the book keeping of the property, etc., etc., etc.